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Real Estate News Today 7-31-2012


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The Difference Between Excellent and Perfect
The KCM Blog | July 31, 2012
Why does a buyer or seller look for a real estate professional in today’s new market reality? There’s plenty of information readily available for them to look at and analyze as they’re going through the process.

MBA: Multifamily/commercial mortgage originations swell 25% in 2Q
HousingWire | July 31, 2012
Multifamily mortgage originations helped commercial/multifamily origination volumes grow 25% in the second quarter from the year-ago period, according to the Mortgage Bankers Association’s quarterly survey.

Subprime Auto ABS Grows As Lenders Chase Margins: Credit Markets
Bloomberg | July 30, 2012
Sales of bonds tied to payments on subprime car loans are accelerating at the fastest pace in five years as investors seek high yields amid speculation the Federal Reserve will keep interest rates at record lows until mid-2015.

U.S. Housing Recovery Tested as Economy Tempers Optimism
Bloomberg | July 30, 2012
While orders for new homes are rising at the fastest rate in two years and housing may be a net contributor to the economy’s expansion for the first time since 2005, slowing job growth, tight inventories and a backlog of foreclosures threaten to put the brakes on a comeback.

How Forgiveness Fits in Housing-Fix Toolkit
The Wall Street Journal | July 30, 2012
Policy makers are wrestling with a dilemma about the overhang of mortgage debt from the housing bust: to forgive or not to forgive?

Some at Fed Are Urging Pre-Emptive Stimulus
The New York Times | July 30, 2012
On the eve of the Fed’s policy-making committee meeting, members who favor more stimulus argued that the likely path of the economy was enough reason for action.

Congressional Leaders Near Budget Deal to Keep Government Running
The Washington Post | July 30, 2012
Temporary spending agreement would keep it running for the first half of the next fiscal year.

Is Housing Recovery Real? Not Everyone Is Convinced
NPR | July 31, 2012
Housing, the sector that led us into the recession, now looks to be one of the brighter spots in the economy. Homebuilding is at its highest level in nearly four years. More homes are selling, and at higher prices.

Yesterday we had an article about a company that is customizing the term of their homes loan to fit the clients desires.  We had two responses that I wanted to share from loan officers:

From CL: I do this all the time….I give them an excel sheet that lets the customer design their own.  They can change the principal monthly amount and see how much sooner than can pay off their mortgage based on their own timeline and needs.  VERY effective and also shows them sometimes the cost is not worth the expense of a refi unless they want rate bragging rights!!

From DB: It is currently is available!!!
1.       Borrowers on home loans do not have prepayment penalties today on the vast majority of loans.
2.       Borrowers can make additional Principal payments any time therefore,  reducing the loan balance, therefore retiring the loan at any point in time they desire. 
You just made you designer loan.
3.       We currently offer, 10, 15 20, 25, 30 and 40 year loans, with no prepayment penalties, the ability to pay extra every month, every other month, once a year,  etc….
4.       We offer the borrowers various amortization schedules so they can set the payoff date—VERY few ever follow through, they drop back to the easiest payment so they can do whatever with the “extra” cash.

 Anthony Carollo 2007 EMAIL  

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Anthony V. Carollo / President
Stewart Title of Spokane
606 W. 3rd Ave.
Spokane, WA 99201
Telephone: 509.328.7171
Direct Line: 509.321.3939
Direct Fax: 866.652.8834
acarollo@stewart.com

Please remember to choose Stewart Title of Spokane on your next transaction!

www.StewartSpokane.com

 

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Real Estate News Today 6-21-2012


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Today’s news that may be of interest to you:

5 Biggets Mistakes Home Buyers Make
RealtorMag | June 20, 2012
Some home buyers fall for common pitfalls when purchasing a home. How can you help make sure your clients don’t fall for one?

Building the Great Outdoors Room
RealtorMag | June 20, 2012
Home owners seeking to maximize living space are turning to the outdoors, treating it like another room in the house.

CFPB to Combine RESPA/TILA Mortgage Disclosures After QM
HousingWire | June 20, 2012
The consolidation of federal mortgage disclosure forms mandated by the Dodd-Frank Act won’t occur until the qualified mortgage rule is finalized, meaning finalization of the new forms won’t arrive until 2013.

Home Prices in the West Are Rebounding as Inventory Shrinks
The New York Times | June 20, 2012
The overall value of homes in 20 metropolitan regions tracked by Standard & Poor’s Case-Shiller index remained unchanged, and prices are still sitting at their lowest point.

Court Rules Against MBA in Loan Officer Compensation Case
HousingWire | June 20, 2012
A United States District Court has ruled against the Mortgage Bankers Association in a case that will determine how loan officers are classified when it comes to standards of pay and overtime compensation.

Many Americans Escape Poverty By Sharing Homes With Families or Friends
The Washington Post | June 20, 2012
Millions of economically pressed Americans cushioned themselves against the recession by doubling up in houses and apartments, according to a Census Bureau report released Wednesday. Michael A. Fletcher JUN 20 Census Bureau says number of adults living with others jumped 11.4 percent between ‘07 and ‘10.

Fed Extends Program to Lower Rates
The Washington Post | June 20, 2012
The Fed said it would extend “Operation Twist,” a program that seeks to reduce long-term interest rates, through the end of the year. The decision highlights how the central bank, the Obama administration and Congress are struggling to make a major dent in unemployment, three years after the economy officially started growing again.

Housing Starts May Be Up But Don’t Expect A Construction Recovery Just Yet
Forbes | June 20, 2012
Builders are beginning to amp up plans for new homes. The number of building permits jumped to the highest level in nearly four years, according to figures released this week by the U.S. Department of Commerce. 

The appraisal discussion continues.  Excerpts from responses I received:

An agents response:
Mortgage underwriters seemed to have been handed all the blame from the sub-prime lending days.  The result today is that many seem to go out of their way to avoid blame that may occur from a default down the road.  As for appraisers using foreclosures and REO properties as comps, that would seem natural as these two types of sales have been setting the “basis” for home values as we listed the homes, so why not consider them as comps to sell them? 

A loan officer response: 
Yes we are afraid of our own shadow. We as lenders are NOT confident in what our investors will require post-closing and further we are trying to avoid push backs from the agencies FNMA/FreddieMac.  No question, it’s a difficult time for ALL of us, we do not want to underwrite in this manner.  Trust me,we do not enjoy the level of post-closing re-underwriting (second guessing) that’s occurring today.  We cannot afford to buy back too many loans. (go to your Board and ask for a million or two at 3-4% for 30 years—They will NOT be happy) My underwriter, Operations Supervisor and myself each have 30 years of experience, and yet we simply don’t know what to expect.  Several lenders I know are simply withdrawing from the business because of excusive regulations, costs and fear.

Another loan officer response:
In the last three years I have had NO appraisal issues in WA or CA, until this week.  We’re probably 50/50 on our Conventional v FHA loans so no problems on either. I’m betting you are only hearing from the people with “problems,” and that it’s not that widespread. At least my experience in two states would indicate the problem isn’t that big.

Anthony Carollo 2007 EMAIL  

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Anthony V. Carollo / President
Stewart Title of Spokane
606 W. 3rd Ave.
Spokane, WA 99201
Telephone: 509.328.7171
Direct Line: 509.321.3939
Direct Fax: 866.652.8834
acarollo@stewart.com

Please remember to choose Stewart Title of Spokane on your next transaction!

www.StewartSpokane.com

 

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Today’s Real Estate News 5-16-2012


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Today’s news that may be of interest to you:

Critical article here: If you have short sale seller, the deadline is 12/31 to be able to sell without a tax ramification unless Congress extends the law!  Please read this one.
The Fuse is Burning and Time is of the Essence – The Pending Expiration of the Mortgage Forgiveness Debt Relief Act
Ted C. Jones Blog | May 16, 2012
The clock is ticking for individuals either facing foreclosure or that are underwater and desire to complete a short sale of their primary dwelling, in regards to any debt forgiveness. 

Multifamily Lending Accelerates 45% in 1Q
HousingWire | May 15, 2012
Bolstered by record-low interest rates, multifamily mortgage originations spiked 45% in the first quarter from year-ago levels, according to the Mortgage Bankers Association.

Regulator Laments Role of Largest Mortgage Lenders
The Wall Street Journal | May 15, 2012
The U.S. mortgage industry has become too concentrated in the hands of a few large players, a U.S. housing regulator said Tuesday, expressing a concern many small lenders are voicing as regulators consider how to overhaul the nation’s mortgage system. 

U.S. Home Loan Regulator Opposes California Foreclosure Bills
The Los Angeles Times | May 15, 2012
A pair of controversial bills in the California Legislature that would give homeowners more rights to fight foreclosures is being opposed by the nation’s principal home loan regulator.

Florida’s Next Frontier
The Wall Street Journal | May 15, 2012
A parcel of timberland in Florida that is nearly the size of Rhode Island and owned by a who’s who of elites from the worlds of business and diplomacy is now slated to be the next frontier in the state’s real-estate development.

Needy States Use Housing Aid Cash to Plug Budgets
The New York Times | May 15, 2012
Some states are diverting their share of $2.5 billion they were awarded in a mortgage settlement, money intended to help homeowners and mitigate the effects of foreclosures.

Foreclosed Americans Find Way Back to Homeownership
Reuters | May 15, 2012
When Jennifer Anderson’s family could no longer afford their mortgage and lost their home, she expected many years to pass before they would again become property owners.

Duke: Put-back fear stifles mortgage lending
HousingWire | May 15, 2012
Mortgage lenders are overly restricting credit as a shield from the threat of put-back risk on loans sold to government-sponsored enterprises, Federal Reserve board member Elizabeth Duke suggested Tuesday. (This one seems like a no-brainer and is something the industry has been saying for several years now.  Though I must say I’ve never heard the term “Put-back” used in conjuction with the GSE forcing the lender to take back the loan. ~Anthony)

 

Anthony Carollo 2007 EMAIL  

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Anthony V. Carollo / President
Stewart Title of Spokane
606 W. 3rd Ave.
Spokane, WA 99201
Telephone: 509.328.7171
Direct Line: 509.321.3939
Direct Fax: 866.652.8834
acarollo@stewart.com

Please remember to choose Stewart Title of Spokane on your next transaction!

www.StewartSpokane.com

 
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Posted by on May 16, 2012 in Real Estate news

 

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Real Estate News Today 5-2-2012


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Today’s news that may be of interest to you:

Mortgage Purchase Applications Rose Last Week
CNBC | May 2, 2012
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, rose 0.1 percent in the week ended April 27. (Perhaps more importatly, 30 year fixed rates declined to 3.69% which is a decline from  3.72% the previous week.  See Thirty-Year Fixed Rate Mortgage Hits 3.69%: Zillow  from The MReport.com ~Anthony)

Ability-to-Repay Rule for Mortgages Nears CFPB Approval
Bloomberg | May 1, 2012
The director of the Consumer Financial Protection Bureau is aiming to discourage lenders from making home loans with risky features and outlining steps they must take to verify borrowers’ finances, as part of the “qualified mortgage” or QM regulation.

Wells Fargo Doubles Down on Housing
HousingWire | May 1, 2012
Wells Fargo has thrown caution to the wind and is aggressively writing new business in both residential and commercial real estate loans.

Renters Really Prefer Owning, Builder Survey Says
The Wall Street Journal | May 1, 2012
A survey from PulteGroup — one of the nation’s largest home builders — has found a surprising result: Many renters want to buy homes.

Bad Models Mistook Housing Bust for Dot-Com Bubble
Bloomberg | May 1, 2012
In a speech last month about the financial crisis, Federal Reserve Chairman Ben S. Bernanke trenchantly noted that the initial losses from the dot-com bust were about the same size as those from the housing meltdown — yet the two episodes had very different economic consequences.

Foreclosures Held Steady in March
Los Angeles Times | May 1, 2012
The number of U.S. homes struggling through foreclosure held steady in March but fell from a year earlier, new data show, indicating that the huge wave of foreclosures that some housing experts keep predicting isn’t even a whitecap yet.

Jobs Growth Seen Rebounding in April
Reuters | May 1, 2012
Hiring by U.S. employers likely rebounded in April, which could ease worries the economy has stumbled into a soft patch.

What Smart Buyers Should Know About Time Shares
USA Today | May 1, 2012
Timeshares may sound like an inexpensive way to live a little large once a year, but they will cost you for years to come unless you find someone to buy it.

Attacks Against Real Estate Professionals Surge
RealtorMag | May 1, 2012
The number of assaults against real estate professionals is on the rise, with the nature of attacks becoming more violent and sometimes deadly.  (There are some eye-popping numbers in here that should make us all a little more cautious.  One item of note is that the category includes landlords, appraisers, etc. It didn’t say anything about title/escrow people.  ~Anthony)

Anthony Carollo 2007 EMAIL

 

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Find me on:     LinkedIn     Twitter     Facebook

 

Anthony V. Carollo / President
Stewart Title of Spokane
606 W. 3rd Ave.
Spokane, WA 99201
Telephone: 509.328.7171
Direct Line: 509.321.3939
Direct Fax: 866.652.8834
acarollo@stewart.com

 

Please remember to choose Stewart Title of Spokane on your next transaction!

 

www.StewartSpokane.com

 

 

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Real Estate News Today 4-5-2012


Today’s news that may be of interest to you:

Marketing Tool Most Real Estate Pros Want?
Realtor Magazine | April 4, 2012
A new survey reveals the marketing tool that the majority of real estate professionals most want to have and what they view as the tool of the future for marketing. (Hint: I’ve been saying this for some time now, this is the best tool ever! ~Anthony)

Owning Regains Appeal
The Wall Street Journal | April 4, 2012
Climbing rents for apartments are combining with a continued decline in home prices to push once-reluctant home buyers into finally taking the plunge, say economists and real-estate agents.

Wells Fargo Dominates Multifamily Originations
HousingWire | April 4, 2012
The Mortgage Bankers Association crowned Wells Fargo as the top multifamily mortgage originator in 2011, despite flagging commercial originations. What’s more, the mega-lender will likely hold the top spot for some time.

For Home Buyers, an App for Attributes
The New York Times | April 4, 2012
While Zillow offers assessed values and Trulia has searches based on a buyer’s needs, the House Hunter app ranks the qualities of a home.

The Government has Just Made Home Buying (Slightly) More Expensive
The Washington Post | April 4, 2012
Americans are still wary about buying homes, as many remain strapped for cash and gun-shy after the market’s recent meltdown. Banks, meanwhile, have tightened their lending requirements, so even those with enough money and great credit scores are having trouble getting loans.

What Should Obama Do Differently on Housing Policy?
The Wall Street Journal | April 4, 2012
Some of the housing world’s heaviest hitters are gathering in New York tonight and Thursday for an event organized by home-listings website Zillow to discuss bringing stability to the housing market (the forum Thursday includes the Journal’s S. Mitra Kalita).

Another Bank Says Goodbye to TARP
The Hill | April 4, 2012
Another bank has ceased to receive the government’s bailout support, handing the American taxpayer a nice bit of a profit along the way.

When Excluding Distressed Sales, Home Prices Continue to Rise
DSNews.com | April 4, 2012
When excluding distressed sales, such as short sales and REO transactions, prices actually increased on a month-over-month basis in February, according to the February 2012 Home Price Index released by CoreLogic Wednesday. Though, when including distressed sales, prices decreased compared to the month before.

Anthony Carollo 2007 EMAIL  

Join My List

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Anthony V. Carollo / President
Stewart Title of Spokane
606 W. 3rd Ave.
Spokane, WA 99201
Telephone: 509.328.7171
Direct Line: 509.321.3939
Direct Fax: 866.652.8834
acarollo@stewart.com

Please remember to choose Stewart Title of Spokane on your next transaction!

www.StewartSpokane.com

 

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Real Estate News Today 2-24-2012


Today’s news that may be of interest to you:

Bank of America Breaks With Fannie Mae
The New York Times | February 23, 2012
Bank of America said Thursday that it would no longer sell new mortgages to Fannie Mae, underscoring tensions in a fight between giants of the home loan market over billions in losses in the housing bubble.

Ranieri: The Case for Converting Foreclosures to Rentals
The Wall Street Journal | February 23, 2012
One of the pioneers of the U.S. housing-finance system is strongly endorsing government efforts to convert foreclosed homes into rental properties.

FHFA: 4Q Home Prices Down 2.4%
HousingWire | February 23, 2012
U.S. home prices fell in the fourth quarter of 2011 from a year earlier, according to the Federal Housing Finance Agency’s purchase-only house price index.

MBA: Rising Rental Costs May Drive Home Sales Up
HousingWire | February 23, 2012
Home sales could turn out sunnier than expected this spring based on data coming out of the rental market, according to economists at the Mortgage Bankers Association.

Moody’s: Big Banks Unlikely to Suffer From AG Mortgage Settlement
HousingWire | February 23, 2012
The $25-billion mortgage servicing settlement is expected to result in little financial impact on the nation’s big banks, Moody’s Investors Service said.

JPMorgan Places $72 Billion Bet on Global Homeowners
Bloomberg | February 23, 2012
JPMorgan Chase & Co. (JPM) has more than tripled its holdings of mortgage securities without U.S. government guarantees to $72 billion as the nation’s biggest bank bets on borrowers from outside the country it calls home.

Figuring Out How to Attract New Business
New York Times | February 23, 2012
We recently took a step back to look at the clients we have on our roster and how they got there. Interestingly, the majority did not enter our stable via our outbound marketing efforts, our list of targets to go after. Why was that, we wondered. A recent new business initiative may have provided the answer.

Revenue Eases Budget Pain for U.S. States
Bloomberg | February 23, 2012
For the past four years, U.S. states struggled to close more than $500 billion of budget shortfalls caused by the recession, ushering in tax increases, spending cuts and clashes with public-employee unions. With the economy recovering, officials gathering in Washington today for the National Governors Association winter meeting are beginning to face a welcome choice: how to spend extra money.

From the National Association of Realtors®:

How 23 Laws Impact Real Estate
New infographic shows when and how two dozen laws affect the real estate transaction. [This is a pretty good visual aid on all of the different laws that come into play.  Three issues come to mind worth mentioning: 1) This doesn't even begin to cover state and/or local laws, these are all federal, 2) what a great way to show a Realtor's value to clients who are thinking FSBO is the way to go, and 3) if you are a newbie or a veteran, I'll bet there is at least one on here you didn't know anything about. ~Anthony]
Anthony Carollo 2007 EMAIL  

 

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Anthony V. Carollo / President
Stewart Title of Spokane
606 W. 3rd Ave.
Spokane, WA 99201
Telephone: 509.328.7171
Direct Line: 509.321.3939
Direct Fax: 866.652.8834
acarollo@stewart.com

 

Please remember to choose Stewart Title of Spokane on your next transaction!

 

www.StewartSpokane.com

 

 

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Real Estate News Today 12-9-2011


Today’s news that may be of interest to you:

National ‘Occupy Our Homes’ Day Kicks Off New Occupy Initiative
DSNews | December 8, 2011
Last month the Occupy Oakland movement announced its intention to occupy vacant properties. On Tuesday, Occupy Oakland was one of 25 local Occupy groups to observe a national ‘Occupy Our Homes’ day.

Should Fannie, Freddie Help Pay for Tax Relief?
The Wall Street Journal | December 8, 2011
Congress is considering tapping troubled mortgage giants Fannie Mae and Freddie Mac for cash – and that has the real-estate industry upset.  (The proposal suggests raising fees that Fannie Mae and Freddie Mac charge banks, and then pass that revenue back to the US Gov’t to pay for the tax cut.  What do you think, does that make sense?  Let me know your thoughts! ~Anthony)

How Speculators Poured Fuel on the Housing Fire
The Wall Street Journal | December 8, 2011
Why did housing prices increase so quickly in 2004, 2005, and 2006 before turning south so sharply in 2007? New research shows how real-estate speculators played key roles.  (Really?  What a shocker! ~Anthony)

Industry Approaches 1M Loan Modifications This Year
DSNews | December 8, 2011
About 885,000 borrowers have received permanent loan modifications this year, according to October data from HOPE NOW.

Loans for Multifamily Homes
The New York Times | December 8, 2011
Borrowers should be prepared to fill out a lot more paperwork, and the interest rate and down payment will most likely be higher.

Third Quarter Mortgage Banker Production Profits Improved with Higher Origination Volumes and Favorable Secondary Gains
MBA | December 8, 2011
Independent mortgage banks and subsidiaries made an average profit of $1,263 on each loan they originated in the third quarter of 2011, up from $575 per loan in the second quarter of 2011, according to the Mortgage Bankers Association‘s (MBA) Third Quarter 2011 Mortgage Bankers Performance Report.

Is the Housing Bust About to Slam City Budgets?
The Wall Street Journal | December 8, 2011
City budget crises could be getting worse in the coming years as the housing bust shakes out by shrinking property tax revenues, according to a report from the Federal Reserve Bank of Cleveland(In Washington State or at least in Spokane County, the county gov’t determines the budget for the year, and THEN pushes those numbers to the Treasurer to tax property.  So even if all of the properties in the county drop by 10% in value, the tax rate for year simply goes UP to raise the same amount of tax.  Make sense?  If I confused you, call me and I’ll try to clarify.  I know I’ve oversimplified it for the purpose of brevity and the economy certainly does affect our local budget.  ~Anthony)

Capital One Spent $330,000 Lobbying in 3rd Qtr
BusinessWeek | December 8, 2011
Capital One Financial Corp. spent $330,000 in the third quarter to lobby the federal government on the development of the Consumer Financial Protection Bureau and other aspects of financial regulatory reform, according to a disclosure report.

From the National Association of Realtors®:

Prudential Sells Real Estate Business

Prudential is getting out of the real estate business, selling off its real estate brokerage and relocation services business to Brookfield Residential Property Services this week.

 

Anthony Carollo 2007 EMAIL  

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Anthony V. Carollo / President
Stewart Title of Spokane
606 W. 3rd Ave.
Spokane, WA  99201
Telephone: 509.328.7171
Direct Line: 509.321.3939
Direct Fax: 866.652.8834
acarollo@stewart.com

Please remember to choose Stewart Title of Spokane on your next transaction!

www.StewartSpokane.com

 

 

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Real Estate News Today 11-4-2011


Today’s news that may be of interest to you:

Why housing deserves a home in your portfolio
MarketWatch | November 4, 2011
Now may be a great time to buy a house, given that years of falling home prices and low mortgage rates have made buying a place to live more affordable than it has been in decades. And that’s not just a pitch from the National Association of Realtors.

Mortgage Rates Plunge Amid Euro Zone Trouble
The MReport.com | November 3, 2011
After inching forward in the last few weeks, mortgage rates again plummeted on fresh concerns about the euro zone crisis, with rates dropping to 4.00 percent, the second-lowest reading for Freddie Mac.

U.S. Payrolls Rose in October; Jobless Rate 9%
Bloomberg | November 4, 2011
U.S. employment climbed in October at the slowest pace in four months, illustrating the “frustratingly slow” progress cited by Federal Reserve Chairman Ben S. Bernanke this week.

HAMP Mods Spike at Mortgage Servicers Despite Tighter Rules
HousingWire | November 3, 2011
Mortgage servicers started 40,151 permanent modifications through the government’s program in September, the highest monthly amount since May 2010.

Freddie Could Take More Than a Decade to Unload REO Inventory
HousingWire | November 3, 2011
Freddie Mac vendors sold fewer REO properties in the third quarter than they did earlier in the year as nonperforming loans continue to climb.

Freddie Mac Has Wider Loss, Seeks $6 Billion From Treasury
BusinessWeek | November 3, 2011
Freddie Mac, one of two mortgage- finance companies under U.S. conservatorship, reported a $4.4 billion loss for the third quarter and said it will seek $6 billion from the U.S. Treasury Department.

U.S. Commercial-Property Lending Rises to Highest Since 2007
Bloomberg | November 3, 2011
U.S. commercial-property loan originations rose to the highest since 2007 in the third quarter as banks, insurers and government-backed finance companies increased lending, the Mortgage Bankers Association said today.

Anthony Carollo 2007 EMAIL  

 

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Anthony V. Carollo / President
Stewart Title of Spokane
606 W. 3rd Ave.
Spokane, WA  99201
Telephone: 509.328.7171
Direct Line: 509.321.3939
Direct Fax: 866.652.8834
acarollo@stewart.com

Please remember to choose Stewart Title of Spokane on your next transaction!

www.StewartSpokane.com

 

 

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